Montana has seen a nearly 10% population increase from 2010 to 2020, but housing construction only grew by 7%, leading to a drastic supply-demand imbalance that has accelerated since 2020.
Remote work has transformed the dynamics, with many people moving from high-priced areas. Beyond their love for the scenery, these new residents have cash from selling higher-valued homes, allowing them to propel home prices in Montana.
Home prices in Montana rose by 85% in five years, with median listing prices hitting $646,975 by October. This boom outpaces any other state, showcasing a remarkable shift in the real estate landscape.
Nick Zimmer illustrated the all-year-round appeal of Montana’s outdoor activities, stating, 'It's really a year-round travel destination,' indicating that the influx of new residents is tied to the state's attractions beyond seasonal tourism.
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